Shown verbatim: the complete text as captured from the official source posted by the New York State Senate, fetched 2026-08-11. Nothing is edited or removed. Where this bill amends existing law, language marked for deletion in the official source appears here in brackets. The official bill page.
S T A T E O F N E W Y O R K
________________________________________________________________________
3367
2025-2026 Regular Sessions
I N S E N A T E
January 27, 2025
___________
Introduced by Sen. MAYER -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government
AN ACT to amend the local finance law, in relation to the exclusion of
certain indebtedness of school districts in a city with one hundred
twenty-five thousand inhabitants or more
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 121.20 of the local finance law, as amended by
chapter 506 of the laws of 1964, paragraph b as amended by chapter 116
of the laws of 1968, is amended to read as follows:
§ 121.20[.] Exclusion of certain indebtedness of school districts
other than school districts in a city WITH ONE HUNDRED TWENTY-FIVE THOU-
SAND INHABITANTS OR MORE ACCORDING TO THE LATEST FEDERAL CENSUS in
ascertaining their power to contract indebtedness. a. As used in this
section:
1. The term "indebtedness" shall mean indebtedness evidenced by bonds
and bond anticipation notes.
2. The term "school district" shall mean a school district other than
a school district in a city WITH ONE HUNDRED TWENTY-FIVE THOUSAND INHAB-
ITANTS OR MORE ACCORDING TO THE LATEST FEDERAL CENSUS.
b. In ascertaining the power of a school district to contract indebt-
edness, there may be excluded outstanding indebtedness contracted, or
indebtedness to be contracted, for objects or purposes having periods of
probable usefulness provided in paragraph [a.] A of section 11.00 of
this chapter, to the extent to which the commissioner of education, or
such person or persons as may be designated by [him] THE COMMISSIONER,
shall estimate based upon facts existing on the date of such estimate
that moneys receivable by the school district from the state as an
apportionment for debt service for school building purposes, under laws
existing on the date of such estimate, shall meet the interest on and
the annual requirements for the payment of such indebtedness. Any such
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01974-01-5
S. 3367 2
estimate shall describe the indebtedness to which it relates. An esti-
mate shall be effective only until the June thirtieth next succeeding
the date thereof.
c. The commissioner of education by rule or regulation may prescribe
the manner and form in which a school district shall make application
for any such estimate. The department of education shall furnish to the
school district, without charge, three certified copies of any such
estimate.
§ 2. Section 121.30 of the local finance law, as added by chapter 382
of the laws of 1962, is amended to read as follows:
§ 121.30 Exclusion of certain indebtedness of school districts other
than school districts in a city WITH ONE HUNDRED TWENTY-FIVE THOUSAND
INHABITANTS OR MORE ACCORDING TO THE LATEST FEDERAL CENSUS. In ascer-
taining the power of a school district, other than a school district in
a city WITH ONE HUNDRED TWENTY-FIVE THOUSAND INHABITANTS OR MORE ACCORD-
ING TO THE LATEST FEDERAL CENSUS, to contract indebtedness under section
104.00 of this [chapter] ARTICLE, there may be excluded outstanding
bonds and bond anticipation notes or indebtedness proposed to be
contracted and to be evidenced by bonds or bond anticipation notes to
finance the acquisition, construction and installation of a shelter or
fallout shelter by such school district pursuant to section twenty-
three-a of the New York state defense emergency act, but only to the
extent to which such indebtedness, at the time it was contracted or is
to be contracted, did not or will not exceed fifty dollars multiplied by
the planned shelter occupancy of such shelter.
§ 3. Section 137.00 of the local finance law, as amended by chapter
760 of the laws of 1963, is amended to read as follows:
§ 137.00 Debt statement of school districts outside cities WITH ONE
HUNDRED TWENTY-FIVE THOUSAND INHABITANTS OR MORE ACCORDING TO THE LATEST
FEDERAL CENSUS. The debt statement of a school district, other than a
school district in a city WITH ONE HUNDRED TWENTY-FIVE THOUSAND INHABIT-
ANTS OR MORE ACCORDING TO THE LATEST FEDERAL CENSUS, shall contain the
following items of indebtedness for the purpose of showing the indebt-
edness of such school district:
1. The amount of
(a) Outstanding bonds;
(b) Outstanding bond anticipation notes, other than those issued in
anticipation of the bonds of the issue in connection with which the debt
statement is prepared;
(c) Bonds of the proposed issue in connection with which the debt
statement is prepared; and
(d) Bond anticipation notes proposed to be issued where a debt state-
ment is prepared in connection with the issuance of such notes.
2. The amount of indebtedness of a merged or annexed school district
determined pursuant to section 121.10 of this [chapter] ARTICLE.
For the purpose of showing the indebtedness of a school district,
other than a school district in a city WITH ONE HUNDRED TWENTY-FIVE
THOUSAND INHABITANTS OR MORE ACCORDING TO THE LATEST FEDERAL CENSUS,
there may be deducted the amount of any such indebtedness which has been
contracted or is proposed to be contracted to the extent provided in
section 121.20 of this [chapter] ARTICLE, and in such case a certified
copy of the estimate of the commissioner of education shall be attached
to and form a part of the debt statement filed with the state comp-
troller and the clerk of the school district.
For the purpose of showing the indebtedness of a school district other
than a school district in a city WITH ONE HUNDRED TWENTY-FIVE THOUSAND
S. 3367 3
INHABITANTS OR MORE ACCORDING TO THE LATEST FEDERAL CENSUS, there may be
deducted the amount of indebtedness contracted, or indebtedness proposed
to be contracted, for the purpose and to the extent provided in section
121.30 of this [chapter] ARTICLE.
In connection with the sale of bond anticipation notes, a school
district may prepare a debt statement and may file such statement in the
manner provided in section 109.00 of this [chapter] ARTICLE.
§ 4. This act shall take effect immediately.Every fact on this page links to its source, starting with the official bill record.